Central Pattana Public Company (CPN) Q1 2025 earnings summary

Executive summary

• Achieved all-time-high revenue, gross profit margin, and core net profit for FY2024, driven by a retail-led mixed-use strategy and robust ecosystem integration.

• Maintained market leadership as Thailand's largest retail property developer, with a diversified portfolio and strong ESG commitment.

• Total assets increased to 308,959,879 thousand Baht as of 31 March 2025, up from 304,214,751 thousand Baht at year-end 2024.

• Total equity attributable to owners of the parent increased to 104,438,870 thousand Baht, with total equity at 113,759,803 thousand Baht.

• Continued expansion with new project launches, asset enhancements, and a strong pipeline for 2025-2029.

Financial highlights

• FY2024 total revenue reached Bt51.1bn, up 9% YoY; gross profit margin at 55% (+200bps); core NPAT Bt16.4bn, up 18% YoY.

• 1Q25 total revenue was Bt12.16bn, down 1% YoY and 13% QoQ; core net profit Bt3.85bn, up 1% YoY but down 4% QoQ.

• Revenue for Q1 2025 was 12,667,457 thousand Baht, nearly flat compared to 12,703,090 thousand Baht in Q1 2024.

• Net profit for Q1 2025 was 4,304,994 thousand Baht, up from 4,207,779 thousand Baht year-over-year.

• Dividend payout for 2024 was Bt2.1/share (56% payout, +17% YoY).

Outlook and guidance

• 2025 revenue expected to grow 5-7% YoY, with rental/services up mid-single digits, hotels up high-single digits, and residential flat to -10%.

• Five-year revenue CAGR targeted at ~4-5% for retail, ~8% for office, and ~10% for residential.

• Committed to maintaining ROE at mid-teen % and at least the same DPS as 2024.

• Five-year CAPEX plan totals ~Bt120bn, focusing on mixed-use, retail, residential, and asset enhancement.

• Stable revenue and profit growth indicate continued operational resilience.